- (1.) The question to be answered in each of the two applications above is whether an order can be made permitting the purchaser of an immovable property of the company-in-liquidation to obtain the conveyance in favour of its nominee? Since identical questions of law and more or less identical facts are involved in these two applications, they are being disposed of by a common judgment and order. SUDIPTA TRADERS: Let me take the facts of Sudipta Traders first. Sale of its immovable property was confirmed at 13.5 crores by an order of the Hon'ble Supreme Court of India made on 20th June, 2008. That order said that upon the balance of the said consideration being deposited by the purchaser "the sale in favour of the petitioner shall be confirmed". Upon payment of the balance consideration by them possession was handed over to the applicant by the Official Liquidator on 19th August, 2008.
(2.) The terms and conditions governing the sale, inter alia stipulated under clause 7 that intending purchasers could not bid in the name of any nominee (clause 7). Furthermore, clause 11 provided that the deed of conveyance should be executed in favour of the purchaser. Sometime in December 2008 a draft conveyance was sent by the purchaser to the Official Liquidator. A 100% subsidiary of the applicant was incorporated on 19th July, 2010 by the name of Blackberry Properties Private Limited. Now, by this application, the applicant wants the conveyance to be executed in favour of its subsidiary as a co- purchaser.
(3.) There is absolutely no dispute about the fact that the entire consideration was paid by the applicant.;